Gurley argues banks deliberately kept ACH slow for thirty years to protect themselves while other countries mandated faster payments.
“They did it to protect themselves, like, three days to settle a transaction. There are other countries that just mandated UK faster payments.”
Gurley criticizes banks for maintaining slow ACH settlement times for thirty years to protect themselves.
“I these banks made a huge mistake, which is they've sat on their hands with ACH for thirty years, and they did it for all the wrong reasons.”
Gurley argues banks advise 30x oversubscription, contradicting four hundred years of economic principles on supply and demand.
“And no one, no one in four hundred years of economics would suggest that the best practice would be to have a 30 x supply demand imbalance.”
Gurley says vast majority of IPOs concentrated in four or five firms, suggests need for banks dedicated to smaller IPOs.
“I found some data which we can put up, like the vast majority of IPOs are being underwritten by like four or five firms.”
Gurley says Wall Street banks have no interest in small IPOs unlike specialized four horsemen banks.
“Years ago, there were these banks called the four horsemen, which were banks that just specialized in small IPOs, and Silicon Valley leveraged them to the hilt.”
Gurley notes Coinbase offers 4% daily interest on stablecoin balances without deposit requirements.
“Here, whether it's $10 or or a million bucks, you know, you put it in stable coin with Coinbase and you start earning 4% daily.”
Gurley says he identified anti-FedNow legislators by checking donor lists which showed large bank contributions.
“I would see the congressmen and senators that would would be anti Fed now, and I would immediately go on to that website that lists who their donors are, and you'd see large banks.”